Despite ongoing discussions about a potential exodus of wealth from New York, recent data reveals that the city maintains its position as the global capital of affluence, boasting a staggering wealth exceeding $3 trillion. According to a comprehensive assessment by Henley & Partners, a prominent immigration consultancy, New York harbors nearly 350,000 millionaires, surpassing any other city worldwide and marking a notable 48% increase over the past decade. This translates to approximately one millionaire among every 24 residents, a significant uptick from the one in 36 ratio observed in 2013. Moreover, New York remains a stronghold for the ultra-rich, with 60 billionaires and 744 individuals possessing investable assets exceeding $100 million.
Navigating New Dynamics: Wealth and Power
These findings shed light on the enduring magnitude of New York’s wealth, particularly as concerns linger among the city’s affluent regarding a potential power shift to emerging financial hubs like Florida. Amidst speculations about a “Wall Street South” phenomenon, Miami’s rise in the ranks—with a 78% increase in millionaires over the past decade—poses intriguing questions about the evolving landscape of affluence in the United States.
Global Perspectives on Wealth
While New York reigns supreme, the global map of affluence showcases a diverse array of dynamic cities. The Bay Area emerges as the second wealthiest region worldwide, home to over 305,700 millionaires residing in economic powerhouses such as San Jose, San Francisco, and Palo Alto. Tokyo follows closely in third place, with 298,300 millionaires, despite experiencing a marginal 5% decline over the past decade. Singapore, positioned at fourth place, emerges as a magnet for migrating millionaires, with approximately 3,400 high net-worth individuals relocating to the city-state in 2023 alone.
Market Dynamics and Wealth Expansion
The surge in global financial markets in recent years has significantly contributed to the growth of the world’s wealthiest cities, notes Juerg Steffen, CEO of Henley & Partners. A robust 20% increase in global equities in 2023, followed by a nearly 7% rise this year, underscores the pivotal role of market dynamics in shaping the distribution of affluence on a global scale.
Shifting Fortunes and Emerging Trends
However, amidst the upward trajectory, certain global cities have witnessed contrasting fortunes. London’s millionaire population declined by 10% over the past decade, a trend exacerbated by the UK’s decision to exit the European Union. Similarly, Hong Kong experienced a 4% reduction in millionaires as affluent expatriates sought refuge in Singapore following China’s pandemic-era crackdown.
Promising Prospects and Ascending Cities
Conversely, several cities have emerged as beacons of prosperity, with exponential growth in their millionaire populations. Shenzhen, China, stands out with a remarkable 140% surge in millionaires over the past decade. Additionally, Bengaluru in India, Ho Chi Minh City in Vietnam, and Scottsdale, Arizona in the US, have witnessed their millionaire populations more than double in the same period, reflecting dynamic shifts in global wealth distribution.
Regional Riches and Per Capita Wealth
Dubai emerges as the wealthiest city in the Middle East, securing the 21st position globally. Notably, Monaco claims the top spot in per capita wealth, with over 40% of its residents enjoying millionaire status, followed closely by New York City.
